Zacks: Brokerages Anticipate Callaway Golf (NYSE:ELY) Will Post Earnings of $0.28 Per Share

Brokerages forecast that Callaway Golf (NYSE:ELY) will post $0.28 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Six analysts have made estimates for Callaway Golf’s earnings, with the lowest EPS estimate coming in at $0.21 and the highest estimate coming in at $0.37. Callaway Golf reported earnings of $0.36 per share during the same quarter last year, which would suggest a negative year over year growth rate of 22.2%. The business is expected to announce its next quarterly earnings results on Wednesday, November 4th.

On average, analysts expect that Callaway Golf will report full-year earnings of $0.46 per share for the current fiscal year, with EPS estimates ranging from $0.34 to $0.58. For the next year, analysts expect that the business will report earnings of $0.93 per share, with EPS estimates ranging from $0.73 to $1.13. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover Callaway Golf.

Callaway Golf (NYSE:ELY) last released its earnings results on Thursday, August 6th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.12. Callaway Golf had a positive return on equity of 6.33% and a negative net margin of 9.27%. The firm had revenue of $297.00 million for the quarter, compared to analysts’ expectations of $286.35 million. During the same period in the prior year, the firm posted $0.37 earnings per share. The company’s quarterly revenue was down 33.5% on a year-over-year basis.

A number of research firms have recently commented on ELY. SunTrust Banks increased their target price on Callaway Golf from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. ValuEngine raised Callaway Golf from a “hold” rating to a “buy” rating in a report on Wednesday, October 14th. Raymond James upped their price target on Callaway Golf from $17.50 to $22.00 and gave the company an “outperform” rating in a report on Friday, August 7th. KeyCorp upped their price target on Callaway Golf from $17.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Finally, Compass Point downgraded Callaway Golf from a “buy” rating to a “neutral” rating and set a $20.00 price target on the stock. in a report on Friday, August 7th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $21.50.

A number of hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. lifted its holdings in Callaway Golf by 17.2% in the second quarter. Advisors Asset Management Inc. now owns 4,903 shares of the company’s stock valued at $86,000 after acquiring an additional 718 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Callaway Golf by 7.5% in the second quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock worth $202,000 after buying an additional 808 shares during the period. New York State Teachers Retirement System raised its stake in shares of Callaway Golf by 0.4% in the second quarter. New York State Teachers Retirement System now owns 264,056 shares of the company’s stock worth $4,624,000 after buying an additional 1,040 shares during the period. Advisor Group Holdings Inc. raised its stake in shares of Callaway Golf by 9.5% in the second quarter. Advisor Group Holdings Inc. now owns 12,957 shares of the company’s stock worth $227,000 after buying an additional 1,122 shares during the period. Finally, California State Teachers Retirement System raised its stake in shares of Callaway Golf by 0.9% in the second quarter. California State Teachers Retirement System now owns 142,393 shares of the company’s stock worth $2,493,000 after buying an additional 1,202 shares during the period.

Shares of NYSE ELY traded down $0.29 during trading on Friday, reaching $19.80. The company had a trading volume of 62,167 shares, compared to its average volume of 1,566,076. Callaway Golf has a 12-month low of $4.75 and a 12-month high of $22.33. The stock has a market cap of $1.89 billion, a PE ratio of -13.67 and a beta of 2.00. The business’s 50-day moving average is $19.56 and its 200 day moving average is $16.84. The company has a quick ratio of 1.34, a current ratio of 2.45 and a debt-to-equity ratio of 1.01.

About Callaway Golf

Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs and golf balls, apparel, gear, and other products. It operates through two segments, Golf Equipment; and Apparel, Gear and Other. The Golf Equipment segment provides drivers, fairway woods, hybrids, irons, wedges and packaged sets, putters, and pre-owned golf clubs under the Callaway and Odyssey brands, as well as golf balls under the Callaway Golf and Strata brand names.

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